Correlation Between IDX 30 and Meta Epsi
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By analyzing existing cross correlation between IDX 30 Jakarta and Meta Epsi Tbk, you can compare the effects of market volatilities on IDX 30 and Meta Epsi and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in IDX 30 with a short position of Meta Epsi. Check out your portfolio center. Please also check ongoing floating volatility patterns of IDX 30 and Meta Epsi.
Diversification Opportunities for IDX 30 and Meta Epsi
Poor diversification
The 3 months correlation between IDX and Meta is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding IDX 30 Jakarta and Meta Epsi Tbk in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meta Epsi Tbk and IDX 30 is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on IDX 30 Jakarta are associated (or correlated) with Meta Epsi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Meta Epsi Tbk has no effect on the direction of IDX 30 i.e., IDX 30 and Meta Epsi go up and down completely randomly.
Pair Corralation between IDX 30 and Meta Epsi
Assuming the 90 days trading horizon IDX 30 is expected to generate 12.23 times less return on investment than Meta Epsi. But when comparing it to its historical volatility, IDX 30 Jakarta is 3.12 times less risky than Meta Epsi. It trades about 0.05 of its potential returns per unit of risk. Meta Epsi Tbk is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 1,200 in Meta Epsi Tbk on September 12, 2024 and sell it today you would earn a total of 200.00 from holding Meta Epsi Tbk or generate 16.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IDX 30 Jakarta vs. Meta Epsi Tbk
Performance |
| Timeline |
IDX 30 and Meta Epsi Volatility Contrast
Predicted Return Density |
| Returns |
IDX 30 Jakarta
Pair trading matchups for IDX 30
Meta Epsi Tbk
Pair trading matchups for Meta Epsi
Pair Trading with IDX 30 and Meta Epsi
The main advantage of trading using opposite IDX 30 and Meta Epsi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IDX 30 position performs unexpectedly, Meta Epsi can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Meta Epsi will offset losses from the drop in Meta Epsi's long position.| IDX 30 vs. Hoffmen Cleanindo | IDX 30 vs. Panin Financial Tbk | IDX 30 vs. Lotte Chemical Titan | IDX 30 vs. PT Data Sinergitama |
| Meta Epsi vs. PT Hetzer Medical | Meta Epsi vs. PT Dewi Shri | Meta Epsi vs. PT Sari Kreasi | Meta Epsi vs. Gaya Abadi Sempurna |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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